Image Source: economictimes.indiatimes.com
Agriculture Ministry, Narendra Tomar, proposed Rs. 19,000 crore plan for making the country self-sufficient in edible oil. The plan will be of 5 years for promoting the local production and discouraging the imports which cost Rs. 75,000 crores to the exchequers.
Today, India imports 70% of the annual requirement of cooking oil which is 23 million tonnes. The plan is to bring down this proportion to net-zero which will not only help local industries but also the consumers who will get the cooking oil at economical value.
The government will plan to promote the oil palm cultivation in the country. Palm oil imports account 60% of the total imports of cooking oil.
"We need to incentivise farmers to grow oilseeds also. The area under mustard has gone up 8% and we expect with monetary motivation, it can go up further, Similarly, areas under groundnut, soybean and sunflower will also expand if proper incentives are given," said the official.